global

ISSUE 13

FASTER,
HIGHER,
GREENER?
ALL ABOARD
FOR SUSTAINABLE
WINTER OLYMPICS

SUPERCHARGED
ASEAN REGION’S RACE TO DIGITALISATION

CLEANING UP The network

ON THE FRONTLINE IN THE MONEY LAUNDERING WAR
for doing
TIME FOR A BREAK? business
CHALLENGING TIMES FOR MEDITERRANEAN TOURISM
2 UHY GLOBAL January 2022 WORD OF WELCOME

IN THIS ISSUE

WORD OF
4 FEATURE
ASEAN nations
18 CLIENT
STORY Seamless
WELCOME
in drive for service for real As UHY International’s new
digitalisation estate specialists chairman, it gives me great
pleasure to welcome you to issue working with entrepreneurs,
13 of UHY Global, our biannual businesses and employees.

19 SERVICE magazine for businesses with an

FEATURE international outlook. These pages
International reflect the global engagement
tax support our independent member firms
enjoy with businesses like yours,
and the support we offer to
8 CLIENT
STORY Global
help you achieve your goals.
partners for science It is sad to see the devastating
innovators Cosylab impact Covid continues to have
on lives and livelihoods. While we
applaud the steps taken – from
20 FEATURE
The future for
tentative economic recoveries to
accelerated technology adoption
cryptocurrencies to keep us in touch – we know
the toll is high, and can only try
to stay resilient and faithful to
We also consider two other hot
topics facilitated by advances in
technology. Cryptocurrency has
proliferated into mainstream
finance in number and influence,
to the point where central banks
and sovereign states are looking
at the benefits of digital currency
as well as how to regulate it. You
can read about it in our feature
Crypto at the Crossroads.
Digitisation has also enabled new
ways for the criminal laundering
of money, exacerbating an already
huge problem for institutions

23
our personal and professional and professionals. In Show Us
10 FEATURE
Working with
SERVING
CLIENTS
SERVING
standards, to help each other
through these difficult times.
the Money, we look at some
of the problems and solutions
clients to thwart COMMUNITIES for tackling this crime through
financial crime Some of our features in UHY Global regulation and due diligence.
continue to reflect the pandemic.
In Sun, Sea and Stasis, we look at You can also read our roundup

14 UHY what the future holds for a battered of global news and a celebration
SERVICES tourism sector in the Mediterranean of some remarkable UHY people
How we deliver and what can be done to protect in Serving Clients, Serving
for our clients the region from further economic Communities. As UHY International

24
shocks. Our member firm in Spain chairman, it is my privilege to help
is working with one of the country’s steer and support this excellent

15 GLOBAL PERSPECTIVES leading real estate developers network of over 8,500 professionals
NEWS Tourism on a project that anticipates a in more than 100 countries. Thank
challenges in the continued appetite for holidays in you for engaging with us through
Mediterranean the sun – read about it in our client UHY Global, which is also available
story Building Firm Foundations. to browse online at www.uhy.com/
Global13 for additional content,

28 PEOPLE The critical role technology has extended narratives and useful links.
FIRST played in helping businesses
survive – and sometimes thrive I wish you all a safe and
– in the last 20 months cannot prosperous 2022.

29
be overstated. Digitisation
16 PROFILE
Meet UHY’s
GLOBAL
UHY
MEMBERS’
and digital skills will be key to
economic recovery. In our feature
Subarna Banerjee
Chairman, UHY International
new chairman, DIRECTORY Bridging the Gaps, UHY’s ASEAN*
*The Association of Southeast Asian
Subarna Banerjee member firm professionals provide Nations, an economic union of ten
insights from their experience member states, established in 1967.
ALL AROUND THE WORLD
FEELING
THE HEAT
C an Beijing 2022 strike
a balance between
an environmentally
sustainable and a financially
worthwhile Olympics?
Talk of the 2022 Winter Olympics
and Winter Paralympics in Beijing in
February and March has been all about
world firsts and breaking records.
The first marker was set in 2015 when
Beijing beat off challenger Almaty
in Kazakhstan to be chosen by the
International Olympic Committee (IOC)
to host the 2022 Winter Olympics –
becoming the first city to be awarded
both the summer and winter Games.
MARATHON COSTS
China’s goal to make the Winter 2022
Games the most environmentally
responsible ever fuelled an ambitious
vision and in May 2020 the Beijing
Organising Committee released
its sustainability plan, a blueprint
that dovetailed with the IOC’s
announcement that the Games will
be climate positive by 2030.
The capital and co-host city Zhangjiakou
have adapted six venues from the 2008
Games to minimise construction costs.
Beijing 2022’s declared aim was to create
a legacy of sustainability through its new
venues, upgraded transport infrastructure,
sports and tourism development, all
while promoting healthy lifestyles and
raising environmental awareness.
BOUNDLESS ENERGY
Gui Lin, of the Organising Committee’s
planning, construction and sustainability
team, said: “Reusing the 2008 legacy
venues helps Beijing 2022 stay ahead,
verifying its promise to host the Winter
Olympics in a sustainable way.”
So the opening and closing ceremonies
are being staged in the Beijing National
Stadium (Bird’s Nest), while the Beijing
National Aquatics Centre (Water Cube),
has been transformed into curling ice
rinks. The six new venues were built using
renewable technologies with energy
saving, environmentally-sustainable
materials. Energy is mainly solar and
wind, and water is being recycled.
The venues are across three zones
connected by a high-speed railway
to maximise post-Games legacy use –
popularising winter sports in and around
Beijing to align with the campaign
to encourage 300m people to take it
up by the time the Games begin.
Beijing 2022’s
declared aim was
to create a legacy
of sustainability.
FROZEN ASSETS
These bold sustainability claims have
been met with scepticism in certain
quarters. Dissenting voices point out
that mountainous regions around Beijing
where alpine ski resorts have been built
are not known for rainfall and certainly
not for snow. It was reported that Beijing
would need about 49 million gallons
of water to create artificial snow.
History will judge whether the
environmental sustainability claims
were realised, but, a positive economic
legacy is much harder to achieve.
iStock.com/Dmytro Aksonov
Olympic host cities have often carried
a legacy of debt, with the often-touted
benefits of tourism, infrastructure and
employment creation rarely clawing back
revenues to justify the investment.
But China’s determination to reap
positive economic outcomes has been
a characteristic blend of innovation and
tenacity. The government took note
that the only host to ever turn a profit
was Los Angeles in 1984, due mainly
to its solid existing sports, tourism and
transport infrastructure – so China’s
Winter Olympics spend has been 10% of
the 2008 Games and it has driven winter
sports development via tax exemptions
and access to resources. “In 1996, China
had only 11 ski resorts, 20 years later,
it had 646. Visitors tripled from 5.5m
in 2009 to 15.1m seven years later,”
says Grace Shao of US business news
channel CNBC. By 2020 over 1,200
winter sports competitions had been
organised with 100m people taking part.
China has partially followed Japan’s
example and the Winter Olympics
are being held without spectators
from overseas – tickets were allocated
to fully vaccinated fans in mainland
China, providing atmosphere in the
stadiums. China’s Covid awareness
means participants are subject to a
strict ‘closed loop’ monitoring system,
allowed to travel between venues only
for ‘training, competitions, and work’.
With enthusiastic home crowds
and the ‘recycling’ of six Olympic
stadiums and infrastructure from
2008, Beijing may have created an
Olympics that, while not a perfect
balance of sustainablility and a positive
economic legacy, could present a more
hopeful and realistic model
for future Games. n
4 UHY GLOBAL January 2022
BRIDGING
THE GAPS
DIGITALISATION AND DIGITAL RESKILLING ARE
KEY TO UNLOCKING ASEAN’S REGIONAL ECONOMIC
RECOVERY POST-COVID, BUT CHALLENGES REMAIN
W hile the pandemic has
helped to accelerate digital
adoption in many countries
around the world – by a timescale
factor of several years according
to many analysts - in others it
has shone a light on inherent
weaknesses and potential barriers,
for example the readiness of
infrastructure and workforce to
benefit from digital advance.
In Southeast Asia, considerable effort
has been made over many decades to
create a bloc of nation states that can
effectively collaborate as an economy and
bring increased security and prosperity
to the region. So it is no surprise that the
pandemic has forced digitalisation to the
top of the region’s agenda as a key factor
not only for future growth, but now for
fast and robust economic recovery.
Recognising the priority, ASEAN
(Association of Southeast Asian Nations)
has set out a digital blueprint to help
guide member state governments and
regulators. The ASEAN Digital Masterplan
2025 specifies ‘desirable outcomes’
such as quality and coverage of fixed
and mobile broadband, the provision
of trusted digital services, consumer
protection from digital harm, and a
competitive business market for the
supply of digital services. The vision is
FEATURE – BRIDGING THE GAPS
compelling – to be a ‘leading digital
community and economic bloc, powered
by secure and transformative digital
services, technologies and ecosystem.’
On the ground, there is plenty of evidence
that this is the desirable direction of
travel. A recent World Economic Forum
(WEF) survey of young people (aged
16 to 35) across the six largest ASEAN
nations, determined that there is an
expectation that their governments and
employers will embrace a digital future,
but that they must recognise and address
the challenges, especially for micro and
small-medium businesses (MSMEs),
including better infrastructure rollout
and the means to plug digital skills gaps.
FEATURE – BRIDGING THE GAPS
Unsurprisingly, the more digital-savvy
respondents had fared better during the
pandemic, but the need for reskilling
and upskilling across the board is clear.
NATIONAL LEADERSHIP
The reality is that for ASEAN
countries, digitalisation moves at
varying pace, reflecting domestic
differences in digital preparedness
and governmental leadership. Some
economies have had digital programmes
and incentives in place for years,
while others are still catching up.
Singapore, for example, has the second
smallest population of the ten ASEAN
nations, but by far the highest GDP
UHY GLOBAL January 2022 5
iStock.com/sutlafk
per capita. As a gateway to China, one
of Singapore’s success factors is being
connected to the rest of the world.
Unsurprisingly in their 2021 budget, there
has been a significant focus on further
digital transformation and upskilling,
Success depends
with new emerging technologies and on the readiness
jobs programmes and an increase
in financial support packages. of our society
to ‘go digital’.
The government of ASEAN’s largest
country, Indonesia, has its sight set
firmly on digitalisation as the route to
becoming a top ten global economy by
2030 - it was ranked 16th pre-Covid,
based on International Monetary Fund
nominal GDP data. According to Revano
Hananta, senior consultant, KAP Hananta
6 UHY GLOBAL January 2022
Budianto & Rekan, UHY’s member firm
in Indonesia, the country’s leadership is
looking at infrastructure, governance and
a digital society as the main ways forward.
“Our government believes that digital
infrastructure is the root of the problem,”
says Revano, “and they are taking steps
to distribute this more evenly across
the country. They also recognise the
importance of public service transparency
so they are implementing the concept of
digitalised government services, which
will also be more efficient and effective.”
Like its ASEAN neighbours, Indonesia
has to address the need for more
digital education. “Success depends
on the readiness of our society to ‘go
digital’,” says Revano. “The government
has launched massive digital talent
programmes to support this aim,
including online access to training.”
PANDEMIC PUSH
Indonesia and Singapore are not alone
in recognising the need for better digital
systems, skills and policies. Malaysia,
a country that has historically lagged
behind its ASEAN peers, has done much
to catch up, thanks in some part to the
impact Covid-19 has had on the business
community. Datuk Alvin Tee is group
managing partner of UHY in Malaysia, and
an elected director of UHY International
who has supported MSMEs through
an accelerated digital learning curve.
iStock.com/JGalione
It is the strong
desire of our national
workforce to be
more digitally savvy.
“Lockdown up-ended every possible
business continuity plan, and disrupted
businesses at their very core,” he says.
“The unprecedented scramble towards
commercial survival was largely dependent
on how fast a small business could pivot
to online and mobile engagement with
its customers, use cashless payments, and
develop a contactless delivery model.”
However, beyond the pandemic, Datuk
Alvin believes there are still challenges
to overcome. “There is no shortage of
government initiatives to support digital
adoption, and technology-related grants,
subsidies, loans for digitalisation training
and upskilling are abundantly available.
The government has set out a digital
plan for public sector services and is
pushing hard for a 5G infrastructure to
provide 80% coverage of the country.
But skills and hardware aside, we have
to have digital leadership at the top,
FEATURE – BRIDGING THE GAPS
where generally leaders are senior to
the digital generation and have a more
cautious mindset. For me, effective
digital transformation remains very much
about the depth, effectiveness and
scalable positive impact that it makes
in an industry, a nation, or a region.”
DIGGING IN
Vietnam and the Philippines are two
ASEAN nations yet to achieve the digital
momentum of their peers. Sharing similar
population numbers and productivity, both
countries have some catching up to do.
Pre-pandemic in 2019, Vietnam’s
Government signed Resolution 52, setting
out guidelines and policies to enable the
country’s full participation in the benefits
of the Fourth Industrial Revolution,
dubbed Industry 4.0. It prompted a
number of plans and improvement
programmes from ministries, sectors
and local jurisdictions with targets and
goals for phased digitalisation including
mobile online access, provision of public
services, online government records and
information systems, and digital banking.
“There are also plans to have three smart
cities in three economic areas by 2025,”
says Thanh Nguyen, partner at UHY
Auditing & Consulting Company Limited.
“For this, and the further goal of regional
– and global – smart city connectivity
by 2030, we expect the Government
iStock.com/hxyume
will work hand in hand with the private
sector as and when necessary to build
out telecommunications infrastructures
and achieve its objectives and plans.”
While results so far on infrastructure
are apparent, the ‘softer’ (skills-based)
part has been slower in coming. The
country has slipped down various
global indices on measures such as
knowledge and technology innovation,
research, and talent competitiveness.
Thanh, however, remains optimistic.
“Despite our national focus on Industry
4.0, other countries are doing this faster,
I agree,” he says. “But although there
is no official announcement yet around
specific training or retraining finance,
for example, Resolution 52 is clear about
the necessary support and incentives for
business and individuals to participate
in education, training and upskilling.
“Reports like the WEF ASEAN youth
survey, and others, simply reconfirm
the strong desire of our national
workforce to be more digitally savvy.
While there is a lot to do to upskill
people in response to digital
transformation, it is a responsibility that
must be shared between individuals,
employers and Government. Together
they can drive the sustainable
economic growth we need.”
MOVING FORWARD
The Philippines is another ASEAN country
which is busy digging in and getting on
with addressing the challenges of a rapidly
digitalising world. According to Mike
Aguirre, managing partner, UHY M.L.
Aguirre & Co. CPAs, things are improving.
Digital
transformation
is a journey of
effort, discovery
and leadership.
“It is true that a 2020 World Bank report
suggested our country’s challenges were
due to the slow penetration of high-
speed broadband,” says Mike, “but
improvements have been made in the
last year, and there has been a surge in
telecommunications infrastructure rollout.
In many ways the Covid-19 pandemic
has accelerated digitalisation and we are
seeing, for example, far greater use of
digital payments and fund transfers now.”
Indeed, Philippines central bank reported
an increase in consumer digital transaction
volumes in 2020 compared to 2019, and
massive increases in both volume and value
of fund transfers over the same period.
And it is not only consumer payments
that have been positively impacted.
“The pandemic has given rise to a
number of innovations in business and
government operations,” says Mike.
“Online ordering systems with mobile
courier vans, motorbikes and bicycles
have facilitated food and other product
deliveries to consumers, and we have
online apps enabling passengers to ride
tandem on motorbikes or to ride in
private cars acting as surrogate taxis.”
Even judicial proceedings are conducted
online using videoconferencing tools;
education is delivered through digital
platforms with the use of computers
and laptops; and the government
has recently set out a digital plan to
improve the Philippines’ readiness
for the global digital economy.
“Things are moving forwards”
says Mike, “but unlike some other
ASEAN countries the issue of
reskilling or upskilling for a digital
economy, while a persistent problem,
is not the biggest problem. We have a
greater need to address unemployment
and underemployment, especially
among the young. Two out of every
three unemployed Filipinos are under
35 years of age and, according to the
government’s own labour force
survey, there are nearly three and
a half million between the ages of
15-24 who are not in education,
employment or training.”
The ASEAN digital blueprint shows
good intent but clearly there are
multiple and various reasons why its
member nations will move at their own
pace. There seems little doubt about
the destination, or the political and
societal will to get there, and in that
sense a connected ASEAN region is
inevitable and a prize to be cherished.
As Datuk Alvin Tee in Malaysia
puts it, “Digital transformation,
be it for an individual organisation
or a nation, is a journey of effort,
discovery and leadership.”
It is going to be an interesting journey
to watch. n
8 UHY GLOBAL January 2022
THE SCIENCE OF GROWTH
UHY’S PERSONAL APPROACH AND GLOBAL REACH IS HELPING ONE SLOVENIAN COMPANY
COMBINE BUSINESS ACUMEN WITH CUTTING-EDGE TECHNOLOGY
C osylab is a company that is
quietly changing the world.
By building and integrating
software and electronics for
the world’s most complex
systems, the company helps
drive innovation across science,
medicine and industry.
Headquartered in Ljubljana, Slovenia,
Cosylab is a commercial spin-off of the
Jožef Stefan Institute, the country’s largest
research facility. Since its foundation in
2001, the business has steadily expanded
its services, from building control systems
for the world’s largest scientific projects to
developing innovative software solutions
for particle-based cancer treatments
and advanced industrial applications.
A measure of its success is that Cosylab’s
software is currently used by six out of ten
of the world’s largest Big Physics projects,
and in more than 100 of the most
prestigious global research facilities. As
well as Big Science, the company also has
a 43% market share in providing control
systems for particle therapy machines.
As it has grown in size and reputation,
Cosylab’s geographical reach has also
spread. Today, it is a truly global operation,
with nine international offices in countries
including Switzerland, Russia, Japan and
the US. It is a joint stock company with a
consolidated turnover of EUR 17.8 million
(USD 20.5 million), employing 285 people.
UHY IN THE HEALTH SCIENCES
AND CARE SECTOR
Experts from UHY’s member firms have
a thorough understanding of the life
sciences sector and work with a wide
range of organisations, from public
healthcare providers to international
systems and healthcare technology
businesses. Services include financial and
operational services, audit, regulatory
and compliance management, and
protecting intellectual property rights.
A NICHE MARKET
One problem with supplying complex
bespoke control systems to niche
markets is that there are not many
of them. In 2017 Cosylab took the
decision to broaden its customer
base by developing its own software
products for wider application and
marketing them through licenses.
That decision is already paying off.
The company has welcomed 60 new
people to its workforce in the last year,
despite the Covid pandemic, and is
still actively recruiting. Chief financial
officer Blaz Hrastar says faster growth
is expected in the coming years – and
just as it has in the past, the company
will rely on UHY’s international network
to help facilitate that expansion.
FROM THE BEGINNING
UHY d.o.o in Ljubljana has been working
with Cosylab since 2014, when the
company first required an external
auditor to satisfy Slovenian financial
regulations. The relationship has also
given its largely academic and research-
focused workforce peace of mind.
Blaz says: “Handling all the challenges
of working in a fast-growing global
company is not an easy task. You can try
to understand everything on your own,
or you can find a professional advisor.
But you need somebody trustworthy.”
Cosylab considered the Big Four
accountancy firms but was also
encouraged to evaluate UHY. “Actually,
we prepared a trial question,” says Blaz.
“In answering, UHY was by far the
most concrete. This is when we decided
that we would like to work with them.
They were straight to the point. We
don’t want answers wrapped in foil.”
Cosylab’s account is handled by UHY
d.o.o’s director Franci Žgajnar and his
team, who prepare the yearly audit
for the parent company and the
consolidated report for the wider group.
Blaz is entirely satisfied with these services
CLIENT STORY
and says working with UHY has brought
added benefits, giving the technology-
based business a greater appreciation
of finance and financial structure, and
ultimately the way successful businesses
work. “It has completely changed our
way of thinking,” he adds. “We are much
more structured, we have financials under
control, and our people have embraced
this new meaning and are now aware of
what financial reports are all about.”
WIDENING HORIZONS
Blaz says he particularly appreciates UHY’s
personal approach to the relationship
with Cosylab. He adds that Franci
and the team have a real grasp of the
company’s vision and the challenges it
encounters as it translates cutting-edge
science into profitable services, and their
services are tailored to Cosylab’s needs.
For that reason, Blaz was happy to stay
within the UHY network when Cosylab’s
expansion prompted a need for cross-
border accountancy services. When
the company opened its subsidiary in
Switzerland in 2015, it enlisted the help
of UHY member firm Balmer-Etienne
AG to assist with questions around the
Swiss tax system. The services of UHY
Prostor LLC in the Ukraine were used to
help with an office closure in 2020 and
in the same year, UHY Italy performed
due diligence on an Italian business
Cosylab were looking to acquire.
“All the recommendations and
connections for UHY firms came from
Franci,” says Blaz. “It really is worth
a lot to be able to turn to one person
you can trust and not have to search
for yourself. This saves you a lot of time
and in the end brings better results.”
As Cosylab continues to grow, more UHY
member firms may become involved. For
now, Blaz is delighted with a professional
service provider that knows Cosylab well
and understands its unique opportunities
and challenges. “It is reassuring when
you know you have professional help
just one phone call away,” he says. n
The company
has welcomed
60 new people to
its workforce in
the last year,
despite the Covid
pandemic, and is still
actively recruiting.
10 UHY GLOBAL January 2022 FEATURE – SHOW ME THE MONEY

SHOW ME THE MONEY

KEEPING UP WITH EVER-CHANGING ANTI-MONEY LAUNDERING
REGULATIONS CAN BE A CHALLENGE, SO PROFESSIONAL HELP IS CRITICAL
 UHY GLOBAL January 2022 11

T he United Nations (UN) estimates that between USD

800 billion and USD 2 trillion (between 2% and 5%
of global GDP) is laundered globally every year. Money
laundering entities were also revealed alongside tax evasion
and corruption in the vast array of images and documents
exposed in the Pandora Papers leak. It is endemic.
Against this background, national weak schemes for combatting AML and
governments and international terrorist financing (CFT) – a process that
organisations are striving to fight back has proven to be effective. Of 80 countries
through stricter anti-money laundering so far identified, 60 have taken measures
(AML) legislation, regulation and to improve their AML and CFT measures.
monitoring. But how effective are
In its most recent list of high-risk
jurisdictions, FATF suggests that strategic
difficulties are continuing to affect
some countries in their approaches
to AML, CFT and proliferation
financing. These include Mozambique
The fight against and Cambodia, among others.
money laundering is
Mozambique is currently reeling from
not a new one. the recent ‘tuna bonds’ scandal, in which
corruption and money laundering linked
to loans said to be for government-
sponsored investment schemes – including
a state tuna fishery – led to the arranging
bank, Credit Suisse, being found culpable
these efforts? And how can businesses of serious failings in financial crimes
navigate jurisdictional regulations control. Credit Suisse was fined nearly
effectively to ensure that they are GBP 350 million (USD 475 million) for
compliant? We look at what is being its part in a cover-up that resulted in
done to meet the challenge of money a financial crisis for the country – the
laundering and the essential role that ultimate cost to Mozambique was
accountancy providers play in ensuring estimated at USD 11 billion. While
appropriate client due diligence. Mozambique enacted AML and CFT
in legislation in 2013, many of its
STRATEGIC ISSUES citizens are unbanked, without access
The fight against money laundering to the documentation needed to carry
is not a new one. Over three decades out ‘know your customer’ processes.
ago, recognition of its growing menace Findings from the Eastern and Southern
prompted the G7 nations to establish Africa Anti-Money Laundering Group
the Financial Action Task Force (FATF) to suggest that the lack of nationally
examine and develop AML measures. coordinated efforts to understand
Today, as an international watchdog, the money-laundering and terrorism
FATF has a remit to ‘set standards and financing undermines any laws in place.
promote effective implementation of
legal, regulatory and operational measures As with many countries identified as
for combating money laundering, terrorist high risk by the FATF, Cambodia made
iStock.com/bestdesigns

financing and other related threats to a commitment in 2019 to work with

the integrity of the international financial the organisation to strengthen the
system’. As part of its programme effectiveness of its AML legislation.
to identify and monitor high-risk The country passed new AML/CFT
iStock.com/franckreporter jurisdictions, it publicly lists countries with legislation in 2020, requiring reporting
12 UHY GLOBAL January 2022
organisations to perform advanced
due diligence measures to maintain
compliance, with increased penalties
for non-compliance, and has also
established a Financial Intelligence Unit
in the Central Bank. But while there have
been significant technical improvements
in its compliance with FATF standards,
Cambodia remains on the watchdog’s
high risk list. Strategic issues include a
largely cash-based, dollarised economy,
porous borders and loose oversight of
casinos, all of which make both legal
and illicit transactions hard to follow.
ROBUST REGIMES
Elsewhere in the world, international
AML standards such as those outlined
by the FATF are working with national
legislation to good effect. The Global
Coalition to Fight Financial Crime (whose
members include the World Economic
Forum, Europol, Refinitiv, the Atlantic
Council and the Royal United Services
Institute’s Centre for Financial Crime and
Security Studies) suggests moving away
from a ‘tick box’ compliance approach
and towards working with non-financial
institutions, to make real change.
The UK has historically done well with
AML efforts, achieving the highest
rating from the FATF in 2018 for a ‘well-
developed and robust regime’ in which
money-laundering and terrorist finance
activities are ‘routinely and aggressively’
investigated and prosecuted. In 2019, the
Chartered
accountants
should have zero
tolerance of fraud.
Home Office, HM Treasury and UK Finance
published the Economic Crime Plan, laying
out additional strategic priority areas in
the national fight against economic crime
and building on previous AML and CFT
commitments and 2018’s Serious and
Organised Crime Strategy. Under the
new regulations, cryptoasset exchange
providers, custodian wallet providers, art
market participants and letting agency
businesses all come under greater scrutiny.
Committed to strengthening its position
as a global financial hub, the UAE
has enhanced its AML/CFT measures
to align with global best practices. In
March 2021, the Ministry of Economy
issued a new resolution listing 26
violations and corresponding fines for
non-compliance. “The UAE periodically
releases guidelines to create awareness
around AML compliance,” says James
FEATURE – SHOW ME THE MONEY
Mathew, CEO and managing partner,
UHY James Chartered Accountants, UAE.
“Our team consistently maintains effective
channels of communication with clients
to help them stay on top of regulatory
changes happening across the UAE.”
James and his UHY colleagues around the
world, play a key role in ensuring their
clients comply with AML regulations,
compliance and due diligence. Often
identified as ‘designated persons’ in
anti-money laundering and criminal
justice legislation, accountants are critical
gatekeepers in the fight against money
laundering. Professional organisations
support this designation, with Michael
Izza, CEO of the Institute of Chartered
Accountants in England and Wales
(ICAEW), noting that “Chartered
accountants should have zero tolerance
of fraud, money laundering or any type
of economic crime.” Similar to banks and
other financial institutions, accountancy
firms are obliged to carry out client due
diligence and obtain all relevant anti-
money laundering documentation.
For James and his team, it is important
that the service they offer covers all bases.
“Our support is flexible and designed to
assist our clients to ensure compliance
with the UAE AML/CFT laws – be it
drafting AML compliance policy and
procedures or an internal suspicious
transaction report (STR) form or a risk
assessment form,” says James.
FEATURE – SHOW ME THE MONEY
Failing to be vigilant
and unwittingly
becoming complicit
in economic crime
can be a risk for
accountants.
“AML experts also work alongside our
clients to help them prepare annual
reports to the board/senior management,
annual business risk assessments (ABRA),
annual AML returns and conducting
mandatory AML training for employees.”
TECHNOLOGY AND EXPERTISE
Technology plays a part in
tackling AML but is perhaps most
effective when combined with
professional expertise in person.
In 2019 the Central Bank of Ireland
issued new Anti-Money Laundering and
Countering a Financing of Terrorism
Guidelines for the Financial Sector,
setting out its expectations around
the identification, assessment and
management of AML and CFT risk. Under
the new guidelines, politically exposed
persons (PEP) now include those outside
of Ireland as well as immediate family and
known associates. With this in mind,
UHY member firm in Ireland UHY
Farrelly Dawe White Limited worked
with a software solutions provider to
develop a piece of software, designed
to help the team manage the client
onboarding process. At the point
of initial contact with a potential
new client, the software – known as
Blackboard – triggers a staged process
which includes client due diligence.
The pandemic has made AML due
diligence harder, says Michael Bellew,
company director, UHY Farrelly Dawe
White Limited. “Part of the requirements
here are that we must meet the relevant
individuals in person, however Covid
has prevented that. A concession was
granted to meet individuals via online
teleconferencing or video calls. We have
recently been advised that as travel
restrictions are lifted we are now once
again required to meet in person.”
Having a specialised
team is crucial
to identify money
laundering.
He adds, “Clients need to be made
aware of the particular forms of
identity and proofs of address that are
acceptable and those which are not.
Our onboarding team uses a series of
checklists which set out the acceptable
forms of ID and proof of address.”
Failing to be vigilant and unwittingly
becoming complicit in economic crime
can be a risk for accountants, with
potentially serious professional
consequences. For this reason, having
UHY GLOBAL January 2022 13
specialised AML expertise is essential
iStock.com/bestdesigns
to ensure that both clients and
professional integrity is protected.
“Having a specialised team is crucial to
identify money laundering at an early
stage during the client acceptance
process,” says Raquel Hernáez,
organisational and HR director, UHY
Fay & Co, Madrid. “Thanks to our AML
procedure we have been able to detect
several potentially risky businesses, which
has reduced the possibility of our firm
being used as a vehicle for financial crime
and avoids a bad reputation,” she says.
It is an ongoing battle. “Money
laundering threats are dynamic. Criminals
constantly devise new techniques
and exploit the easiest targets so that
the proceeds appear to come from
a legitimate source,” says Raquel.
Strong networks are crucial throughout.
The Global Coalition Against Financial
Crime points to effective information
sharing between public and private
entities on a coordinated, global level
as key to driving real change. And with
the help of professional services firms
with up-to-date, in-depth expertise
and global reach, businesses can feel
assured that they are compliant. n
For more information about
UHY’s capabilities, email the
UHY executive office,
info@uhy.com, or visit www.uhy.com
14 UHY GLOBAL January 2022
SERVING CLIENTS TODAY AND TOMORROW
Our clients appreciate how UHY’s culture
of working together makes a significant
difference to seamless international
engagements. We deliver because our
member firms know each other well, we
meet and connect regularly, and we share
current thinking, specialist skills, and
industry knowledge across the world.
We also share a common set of standards –
not only the international quality standards
demanded of our profession, but also the
values by which every UHY member firm holds
itself accountable to its clients including
integrity, innovation, and international
thinking.
UHY member firms offer the
following services:
CORPORATE SERVICES
Note: Not all of the services described in this publication
are provided by every UHY member firm. The provision
of some services may be restricted in some areas
depending on local legislation.
• AUDIT & ASSURANCE, including: statutory
audit, internal reviews, compilation and
review of financial statements including
compliance with International Financial
Reporting Standards (IFRS), special purpose
and international audits.
• BUSINESS ADVISORY & ACCOUNTING,
including: accounting and bookkeeping,
outsourcing, business plans and independent
business reviews, business valuations,
financial planning and control, reviewing
management reporting systems, company
formations and company secretarial services
including appropriate commercial and
tax-efficient structures for international
expansion and cross-border ventures, trusts
and foundations, pension funds, charitable
and philanthropic structures, interim finance
& management, payroll administration,
employee benefits and business systems.
• CORPORATE FINANCE, including: strategic
business advisory services, business
valuations, due diligence, transactional
services (acquisitions, mergers, disposals,
MBOs, IPOs) across all industry sectors and
geographies, restructuring, exit strategies
and startups.
• CORPORATE
 GOVERNANCE & RISK
MANAGEMENT, including: corporate
governance, risk management and
consulting including Sarbanes-Oxley
compliance services.
•C
 ORPORATE RECOVERY & INSOLVENCY,
including: debt collection, corporate
turnaround, asset protection or repossession,
or implementing good management
practices, refinancing, valuations, debt
management, insolvency planning, personal
liability protection.
•C
 ORPORATE TAX, including: direct taxation
and indirect taxation, international tax such
as tax-efficient structures for international
expansion and cross-border ventures,
transnational group structuring,
VAT returns and advice, tax
consultancy and transfer pricing.
• FORENSIC ACCOUNTING & LITIGATION
SUPPORT, including: litigation support,
valuations, economic damages, fraud
evaluations, criminal proceedings and money
laundering issues.
OUR COMMITMENT TO QUALITY
Quality is one of UHY’s main
values – because it is so important to us
we strive to achieve this in everything
we do. Each of our independent
member firms has signed a Quality
Charter committing to the adoption
and achievement of performance and
service objectives considered essential to
delivering this quality promise to clients.
The expectations we have of our member
firms are benchmarked to recognised
international professional standards. We
set specific quality goals and expectations
for our independent member firms to
meet, covering areas such as client service
efficiency and relationship management,
professional work standards, depth
and breadth of products, services and
geographical coverage. Collectively,
they represent our aim to provide clients
with consistent, seamless, professional
and timely cross-border services.
UHY SERVICES
• FUND SERVICES, including: fund
establishment and administration.
• LEGAL, including: tax law,
labour law, etc.
• INTERNATIONALISATION, including:
business contact introductions, local
regulatory requirements and business
etiquette, local business tax environment,
business structuring and compliance,
personal taxation, recruitment and labour
law consultancy, transfer pricing, customs
and other fiscal areas.
• MANAGEMENT CONSULTING
& SOLUTIONS, including:
internationalisation of businesses,
human resources and recruitment
services, information technology
and software solutions.
PRIVATE CLIENT SERVICES
Key services include: wealth management for
individuals and families, income tax and capital
gains tax planning, international tax planning
for expatriates and migrants, non-domicile
status, trust services and management,
inheritance planning.
Our member firms are evaluated annually
against UHY’s quality expectations, allowing
us to assess our performance and outcomes,
and look for new ways to improve
further. We focus on quality through:
• Leadership
• Client acceptance procedures
• Full membership of the Forum of Firms
• Compliance with ethical obligations
set out by the International
Federation of Accountants in its
global standard, Code of Ethics
for Professional Accountants
• Human resources policies and procedures,
such as education and training
• And, of course, quality control
procedures in accordance with
internationally-recognised standards.
It is our belief in quality as a value and
the successful implementation of that
value across all our service areas that
make our network more dedicated to
quality than many other networks.
 GLOBAL NEWS
COVID HAMPERS RECOVERY
shutterstock.com/Maxx-Studio
The latest IMF World Economic Outlook
(WEO) projected global economic growth
at 5.9% in 2021, citing pandemic
TRADE FOR
TOMORROW
Thirty CEOs and chairpersons representing
some of the world’s largest companies
have called on governments to re-engage
in trade reform and reject protectionism.
In an open letter to world leaders, the
multi-sector signatories say trade and
investment support human development and
that a trade recovery can form the basis of
post-pandemic economic recovery. Calling
for a resilient, sustainable and inclusive
international trade system, they outline seven
key areas for action: strengthening healthcare
access, concluding meaningful agreements
on electronic commerce and investment
facilitation for development, advancing
meaningful environmental agreements,
effectively implementing and monitoring
private-public cooperation, engaging in
dialogue on trade system reforms, and
resolving level-playing-field concerns.
dynamics, supply disruptions, high
commodity prices and consumer inflation
as the reasons for a slight downgrade.
IMF managing director Kristalina
Georgieva described economic recovery
being ‘hobbled’ by the pandemic,
and highlighted divergence between
advanced economies – which are set
to regain a pre-pandemic trend path
by 2022 – and emerging markets and
developing economies. Speeding up
Covid vaccinations is recommended as
a top policy priority, laying out steps
AUDIT EXPECTATIONS
Global accountancy organisation the
Association of Certified Chartered
Accountants (ACCA), in collaboration
with national organisations in
Australia, New Zealand and
Canada, has issued a new report
on narrowing the gap between
expectations versus the reality of
audit, with a focus on tackling fraud
and issues around going concerns.
Building on 2019’s Closing the
Expectation Gap in Audit, the report
TWO-PILLAR TAX FOR 2023
A landmark deal has been signed
by 136 countries and jurisdictions
and formally endorsed at the recent
G20 summit in Rome, Italy, bringing
the OECD’s two-pillar solution to
addressing tax challenges in the
digital economy a step closer.
Under Pillar One, the taxation of
Multinational Enterprises (MNEs)
wherever they operate and generate
profits is expected to reallocate over
USD 125 billion annually to market
jurisdictions. Pillar Two introduces a
global minimum corporate tax rate
of 15% which is expected to raise
around USD 150 billion per year in
iStock.com/pigphoto
tax revenue. Proportional revenue
gains are expected to be greatest in
developing economies. Signatories to
the agreement are aiming to sign a
UHY GLOBAL January 2022 15
for vaccinating at least 70% of the
population of all countries by 2022.
Resolving trade tensions, strengthening
rules-based multilateral trading, and
finalising a global minimum tax rate
for multinational companies are also
identified in the WEO as key to recovery.
Looking forward, the report points to
the importance of preparing for the
post-pandemic economy, with green
technology and digitalisation presenting
new growth opportunities. Global
growth of 4.9% is projected for 2022.
aims to ensure that audit meets
the demands of public interest,
calling for a holistic, multi-
stakeholder audit system where
all roles are clearly understood.
Recommendations include involving
forensic specialists in risk
assessment while allowing
auditors to apply professional
judgement to identified risks,
and going concern disclosures
additional to those outlined by
current international standards.
multilateral convention in 2022, with
effective implementation set for 2023.
OECD Secretary-General Mathias
Cormann said: “This is a major
shutterstock.com/rafapress
victory for effective and balanced
multilateralism. It is a far-reaching
agreement which ensures our
international tax system is fit
for purpose in a digitalised and
globalised world economy.”
16 UHY GLOBAL January 2022 PERSONAL PROFILE

HOPEFUL T here could scarcely be a

more daunting time to
take the reins of one of the

HORIZONS
world’s leading accounting and
consultancy networks – the
ongoing pandemic threat to
AS INTERNATIONAL BUSINESS FACES AN UNCERTAIN human and economic health,
commercial and market
FUTURE, UHY WELCOMES A CHAIRMAN WITH
uncertainties, the fallout of
POSITIVITY, HUMOUR AND COMPASSION. Brexit and the global scramble
to offset, contain and reverse
climate damage. But if UHY’s
new chairman Subarna Banerjee
is concerned he isn’t showing it.
Subarna’s positivity partly seems to come
from a certainty that human beings are
meant to connect – to live, to meet, to
care for each other and to do business
together. “Becoming chairman at a time
when the globalisation of business is
bouncing back so strongly after Covid
is a really exciting prospect,” he says.

GLOBAL PARTNERSHIPS
“Many of the current challenges for
businesses, such as inflation, supply chain
disruption and staff shortages can be
solved by investing more in the global
expansion of those businesses. Our clients
want us to work with them on that,
partnering with them in more countries.”
One of Subarna’s priorities will be to keep
improving the way UHY’s international
teams work together. “Lockdown has
given us all a lesson in how easy and
efficient it is to collaborate across multiple
offices and time zones. Our members
now have an even greater appetite to do
Subarna with his wife Olga,
daughter Itziar and younger more cross border work, collaborating
sons Nicolas and Lucas with offices in different jurisdictions.”
We spoke to Subarna shortly after he
had made his first appearance at UHY’s
annual meeting as chairman, and his
enthusiasm extended to celebrating
Many of the current the first face to face gathering since
2019. “I didn’t think it would be so
challenges for successful, we were livestreaming the
businesses can be event to accommodate everyone, but
we had over 75 delegates in the venue
solved by investing and there was a great atmosphere after
so many months of online meetings.”
more in the global
expansion of those Taking the reins from Dennis Petri,
partner at UHY LLP, USA, Subarna –
businesses. who already had a seat on the Board
since January 2020 when he became
managing partner at UHY Hacker Young
(London & Nottingham), UK – thanked
PERSONAL PROFILE
his predecessor for his service. “He faced
a phenomenally tough job, steering the
network through unknown territory with
the challenges of multiple lockdowns,
member firms working from home, client
unease and market jitters. He was a
very reassuring presence. Thanks to him
I’ve inherited a far less fraught task.”
MAKING CONNECTIONS
And for that task, Subarna is clear about
his own priorities. “To get out there and
meet member firms, support them as they
develop their practices and expand what
they offer. We also have our five year
growth strategy to progress, which will
allow us to serve our clients better in terms
of service, sectors, quality and offering.”
Not to mention the hefty job of continuing
to look after clients in his role at UHY
Hacker Young, many of which are in
charity and not-for-profit (NFP), sectors
he has taken a lead in developing since
he joined UHY Hacker Young alongside
property, education and publishing. “We
have also recently launched the UHY
Hacker Young London/Nottingham strategy
which includes some ambitious growth
targets such as encouraging smaller scale
merger and acquisitions (M&A) activity.”
If that all seems like a lot for one person,
the context is that Subarna gets things
done. His rise through UHY HY has
been swift – joining as an audit partner
in 2014, he was appointed national
head of charities and not for profit in
the same year, senior partner and the
firm’s ethics partner in 2016, joined the
executive committee in 2017, became
managing partner in 2019 (effective in
2020) and then took his Board position.
INTERNATIONAL MINDSET
Born in Finsbury Park, London, Subarna
came along five years after his parents
Ranendra and Krishna moved to the
UK from Kolkata (then Calcutta) in
West Bengal, India to run their property
portfolio. “They had lots of friends and
business associates in the UK and loved
living here – apart from the weather of
course! I had a great childhood. I loved
hanging out with my friends on bikes.”
Studying at an international school and
doing Baccalaureate exams is one of the
factors in giving Subarna his international
mindset. “That has been important all
Subarna’s three sons, Nicolas,
Lucas and Guillermo
the way and of course reflects greatly
in my UHY role. Academically though,
I didn’t really come to life until I went
to University College London (UCL) to
study economics and geography
in 1990. I loved my time at university.”
Our growth strategy
will allow us to
serve our clients
better in terms of
service, sectors,
quality and offering.
After graduating in 1993 Subarna
took a job with an eight-partner
practice and qualified three years
later. He then worked with various
accountancy businesses including a
Big 4 firm before moving to UHY.
FAMILY VALUES
Subarna married his Spanish wife Olga
25 years ago in Madrid, Spain and
they have four children – daughter
Itziar, who is studying a masters in
medical law after graduating from
Oxford, sons Guillermo, who works
in Copenhagen for a medical devices
company as an engineer, and Nicolas
UHY GLOBAL January 2022 17
and Lucas, who are both still at school.
His home life is as busy as you might
expect in a large family but travel, playing
tennis and favourite TV treats ensure he
gets some downtime. “I enjoy watching
Formula 1 with my son, who is fanatical
about it – and I absolutely adore HBO’s
Succession and await each new episode
eagerly. It really is the best thing on TV.”
THOUGHTFUL LEADERSHIP
Thankfully Subarna has nothing in common
with brutal patriarch Logan Roy. Indeed he
is deeply committed to his NFP portfolio and
is also driving UHY’s diversity and inclusion
values. “The current UHY Board is in a
very good place and we all get along really
well – but I am all too aware that it is all
male and I’m very committed to changing
that.” This is clearly not a soundbite or just
something he feels he ought to do – “I feel
strongly that we’re missing out,” he adds.
Asked about his NFP capability Subarna
mentions the Elton John AIDS
Foundation (EJAF) as among those he
is most proud to be associated with.
“It is a remarkable organisation, and a
much bigger enterprise than Elton’s
music. It has raised hundreds of millions
of pounds for programmes around
the world and is among the top ten
philanthropic funders of HIV/Aids
grants worldwide (number one in
Eastern Europe and Central Asia)*.”
“Not many people know that Elton
John is so actively involved with the
foundation. The audit takes place at
his office in Shepherd’s Bush. I haven’t
seen him yet. Just his chair…”
BRIGHT FUTURE
With his three years of tenure stretching
into some of the most interesting times we
have seen in the world so far this century,
Subarna believes better times are ahead –
and UHY, with its culture of communication
and connection is well equipped to make
the most of them. “Membership of UHY
allows our firms to build large teams of
experts across borders and to compete
for ever bigger international mandates,
and that can only be a positive thing for
our network. My role will be to help that
process and to accelerate growth in key
global business centres. There is so
much to feel hopeful about.” n
*Source: The Elton John Aids Foundation

BUILDING FIRM FOUNDATIONS
UHY IS PROVIDING SERVICES TO THE JOINT VENTURE BEHIND A DEVELOPMENT
OF LUXURY VILLAS NEAR MARBELLA IN SOUTHERN SPAIN
Altavista Property is a highly regarded
real estate business on the Costa del Sol,
Spain’s sun-drenched tourist hotspot. It is
the central hub of a group of companies
that, together, develop, commercialise
and service prestige properties in the
greater Marbella region. The company
also markets third party developments.
UHY Fay & Co, meanwhile, is the UHY
member firm with offices in Marbella.
The two businesses know each other
well. When a long-term client came
to Bernard Fay and his team with a
vision to develop a real estate project in
the area, Altavista was the suggested
choice of development partner.
UHY Fay & Co’s client, renowned Dutch
entrepreneur Ronny Rosenbaum,
had an interest in the Costa del Sol’s
buoyant property market. The project
he envisioned would come to be
known as La Finca de Jasmine.
The ambitious development is located
south of Benahavis, a mountain village
overlooking the coast. The gated
development of luxury villas will be
UHY IN THE CONSTRUCTION
& REAL ESTATE SECTOR
From local building companies to
international consultancy groups,
member firms across the UHY network
have extensive experience in offering
tailored services to the construction
industry supply chain and real estate
sector. Services include tax and corporate
services, maximising capital allowances
on commercial property, advising on
the most efficient corporate structure,
project finance advice and deal structuring
and transfers of going concerns.
UHY Fay & Co has
the ability to work
on complex projects
that involve many
parties without losing
sight of the small
day to day tasks.
unlike anything seen in the area. “It
is great that UHY Fay & Co was in the
project from its inception as for the size
of this project and its importance to our
company we needed the best partner
to handle all professional services”
says Altavista CEO Michael Liggan.
A CHALLENGING ENVIRONMENT
The first task was to create a joint
venture between the two parties. The
obvious choice for the job was UHY
Fay & Co. Michael says: “UHY Fay &
Co was an obvious choice because of
its local and specialist expertise”.
“UHY Fay & Co has a great reputation and
track record in Marbella,” says Michael.
“It is a firm that covers all the specialties
a company like ours may need and they
are well located for us and our clients.
From the beginning, when first talks
took place, we knew La Finca de Jasmine
project would not find a better company
to team up with in the south of Spain.”
Certainly, the project required a
professional services partner with local
expertise. Spain has a “challenging
regulatory environment”, says Michael,
CLIENT STORY
and with most of the interest in La Finca
de Jasmine likely to come from abroad,
the project has quite onerous reporting
and internal auditing obligations.
“That’s why we feel it is important to
have the right support from a specialist
professional service company,” he adds.
SEAMLESS SERVICE
Bernard Fay and his team at UHY
Fay & Co provide a wide range of
services for the joint venture and the
development of the project, from simple
tax returns and labour contracts to
internal audits and legal and advisory
services - and everything in between.
UHY Fay & Co is a multidisciplinary
firm able to provide a holistic service.
“UHY Fay & Co is well known and
respected in the area and works seamlessly
with other professional service firms,
and also with the consultants of our
clients,” says Michael. “Most important
for us is the fact that a large chunk of
what otherwise would have been our
workload rests safely in their hands. This is
quicker and more cost effective for us.”
Altavista values the close relationship it has
with UHY Fay & Co that means someone is
always available to answer a question, even
out of hours. That is alongside the firm’s
business-enhancing insight and attention
to detail. “UHY Fay & Co has the ability
to work on complex projects that involve
many parties without losing sight of the
small day to day tasks,” says Michael.
As visitors return to the Costa del Sol in the
wake of the Covid pandemic, La Finca de
Jasmine feels like the right project at the
right time. Prestigious projects like La Finca
de Jasmine are evidence of the ambition of
both parties in the joint venture. The local
and specialist knowledge of UHY Fay & Co
will help ensure that ambition is fulfilled. n
SERVICE FEATURE – LOCAL KNOWLEDGE, GLOBAL EXPERTISE
LOCAL KNOWLEDGE,
GLOBAL EXPERTISE
T he challenges of international
taxation have never been
more keenly felt than today.
The rapid globalisation of companies
and countries over the last decades
with the attendant movement of capital
and people meant that decisions on
investment, establishment and relocation
have been matters of the highest
concern for governments and business.
Now, the pandemic has posed further
questions on international movement
and accented a geopolitical trend
towards protectionism. So as economies
begin to emerge from lockdown with
caution, businesses are reconsidering
their best strategic options. Trusted
advice from a worldwide network of tax
professionals who provide both detailed
local knowledge and who work together
supporting multinational clients – is a
must-have for any business operating (or
planning to operate) across borders.
UNDERSTANDING
UHY has independent member firms
in over 100 countries and detailed
access to tax legislation in many more.
UHY member firms share working
knowledge and communicate with
each other regularly – this is part of
the international service culture that
the UHY network represents, and you
can read more about this in our Cogs
and Wheels feature on page 28.
Understanding clients’ business aims,
and understanding not only local laws
UHY GLOBAL January 2022 19
UHY INTERNATIONAL TAX SERVICES
CORPORATE TAX
Preparing and submitting accounts
Taking advantage of capital allowances
Buying or selling a business
Loss relief planning
but regional and international best
practice too, is at the heart of UHY’s
international tax services. A UHY global
Capital gains tax
Relief for expenditure on
intangible assets
International tax planning
tax special interest group ensures all Mergers and acquisitions tax issues
tax-certified member firms have access Indirect taxation - VAT, GST
to the latest and upcoming changes and customs planning
Tax planning for ex-pat executives
in international taxation as well as the
opportunity, through regular face-to- TRANSFER PRICING
face or online meetings, to discuss Documentation and compliance
the technicalities, case examples and Design and implementation of TP policies
Creating models and policies for
implications for client businesses. It
charging services to global affiliates
means that UHY member firms are Design of internal TP policies
able to offer best practice solutions Benchmarking services
to meet clients’ strategic needs, for Arm’s-length intercompany pricing for
tangibles, intangibles, services, royalties
example keeping them operationally
and financial transactions including
compliant with what can be a preparation of benchmarking memos
dauntingly complex set of regulatory Preparation of defence files to
and commercial requirements. mitigate risk from tax authority
audits and enquiries
Assisting clients with TP
TRUSTED ADVICE ACROSS THE BOARD disputes and controversies
Multinational client operations come with Valuation services for tax
many challenges. Workforce mobility or and TP purposes
TP analysis for highly
expatriate management, for example,
leveraged companies.
requires expertise in different tax and
labour laws, definitions of citizenship, GLOBAL MOBILITY & EXPAT SERVICES
residency and non-residency, keeping International payroll
Personal tax for employees
relocating staff happy and managing
Advice on employee remuneration
payroll. Corporate, domestic and and benefit packages
foreign income tax requires businesses Tax equalisation
to navigate complex issues of Tax rulings
transparency, country-by-country Double taxation treaties
Social security and labour
reporting, profit repatriation, foreign law implications
tax credit systems or internal trading Tax and immigration
compliance and transfer pricing. registration requirements
Deploying staff overseas in start-
ups, or established operations
It is perhaps easy to see why tax can Overseas staff integration
become a barrier to international Risk assessment relating to PE
growth or ambition. This is why having (permanent establishment)
a joined-up global team of trusted tax First assignee management (as part
of an international expansion)
professionals to call on is so important. n People-related advisory for
first time expansions
International assignment
programme evaluation
Short-term business traveller advisory
PRIVATE CLIENT
Income tax and capital gains tax planning
International tax planning
Non-domicile status advisory
Trust services and management
Inheritance planning
iStock.com/Drazen Zigic
For more information on UHY’s
international tax services contact
Andrew Snowdon, head of UHY Global
Tax Group a.snowdon@uhy-uk.com
20 UHY GLOBAL January 2022
CRYPTO AT THE
CROSSROADS
CRYPTOCURRENCIES HAVE HAD A REMARKABLE YEAR, BUT MAINSTREAM
ADOPTION IS STILL ELUSIVE. CAN THEY CLOSE THE CREDIBILITY GAP?
What to make of the topsy turvy
world of cryptocurrency?
A snapshot of that world in 2021 goes
something like this. In March the price
of bitcoin hit an all time high of USD
60,000. By July its value had more than
halved. At the time of writing one bitcoin
is priced at below USD 50,000, days after
reaching a new peak of USD 68,000.
In June El Salvador became the
first country to pass laws accepting
bitcoin as a bona fide legal tender.
In September, China outlawed
cryptocurrency mining and declared all
cryptocurrency transactions illegal.
If all this sounds confusing, we’ve barely
scratched the surface. Governments and
central banks around the world regularly
warn their citizens about the lawless
nature of decentralised cryptocurrencies
like bitcoin and ethereum, and at the
same time draw up plans for state-
backed alternatives (China is currently
piloting a Digital Chinese Yuan and
other nations developing the idea
include Sweden, Russia and Thailand).
Beneath it all, the usual arguments rage.
Cryptocurrency is unstable, volatile, and a
cover for criminal activity. It is still highly
unsuited to everyday transactions.
On the other hand, some investors are
happy to ride the bitcoin rollercoaster
because that is where big profits
potentially lie. Others argue that the
original reasons for bitcoin’s creation
still stand. Fiat currencies are controlled
by authorities that can - should they
wish - devalue them with the stroke of a
pen, or deny citizens access to their bank
accounts. By cutting out the middlemen,
cryptocurrencies avoid these risks, and can
also reduce the cost of some transactions.
IMPOSSIBLE TO CONTAIN
That is a very basic summary of a
highly complex situation, but it hints
at the competing forces at work.
Authorities are highly suspicious of
cryptocurrencies, because they are
By cutting out
the middlemen,
cryptocurrencies
avoid these risks,
and can also reduce
the cost of some
transactions.
impossible to control, difficult to regulate
and make financial markets more
turbulent. A majority of the public in
many countries thinks the same way.
At the same time, there is a momentum
behind cryptocurrencies that is
proving impossible to contain. The
popularity of bitcoin, ethereum and
the rest explain the emergence of
stablecoins (cryptocurrencies pegged
to fiat currencies, usually the US
dollar, or a commodity like gold) and
state-backed digital currencies.
And their popularity is rocketing, despite
the warnings of central banks. Recent
FEATURE - CRYPTO AT THE CROSSROADS
research revealed that global adoption
of cryptocurrency grew by 881% in the
year to August 2021, with Vietnam,
India and Pakistan leading the way.
The research, by blockchain data firm
Chainanalysis, is designed to capture
cryptocurrency adoption by ordinary
people rather than investment funds.
Chainanalysis puts the popularity of
cryptocurrencies in Vietnam partly down to
a young, tech-savvy population with few
options around traditional Exchange Traded
Funds (EFTs). Thanh Nguyen, partner at
UHY’s Vietnamese member firm UHY
Auditing & Consulting Co Ltd, agrees.
“The crystal clear reason for crypto’s
popularity in Vietnam is the perceived
return on investment,” he says. “If
you look at bitcoin’s remarkable recent
recovery, it is easy to see how lucrative
an investment could be, despite no legal
protection under current local laws.”
Ukraine comes fourth in the Chainanalysis
survey, dropping from first place in 2020.
Again, cryptocurrency adoption is led
by a tech-native population, in this case
alongside a vibrant start-up environment.
Ukrainian companies regularly use
cryptocurrency for business-to-business
and cross-border transactions, side-
stepping cumbersome banking processes.
But there are also more opaque
reasons for preferring cryptocurrency
over legal tender. “I agree that using
cryptocurrencies opens huge opportunities
for business, for making payments, as
well as for market speculation,” says
Olha Irzhytskaya, business development
manager at Ukrainian UHY member
firm LLC AC UHY Prostor Ltd.
 UHY GLOBAL January 2022 21

Cryptocurrency is
unstable, volatile,
and a cover for
criminal activity.
It is still highly
unsuited to everyday
transactions.

“But I think it is also a convenient

way to legalise income. Over 46,000
bitcoins were recently discovered as
intangible assets in the declarations
of civil servants in Ukraine. Such a
large amount may be explained by the
fact that it is practically impossible to
track the origins of cryptocurrency.”

A DRIVER OF CRIME?
Proponents have no problem with that,
considering the lack of traceability around
transactions is one of cryptocurrency’s
benefits. Inevitably, authorities take
a different view. Cryptocurrency is
struggling to shake off its reputation as
a driver of nefarious online activity.

“Cryptocurrencies are by their nature

extremely difficult to regulate and therein
lies the problem,” says Andrew Hulse, a
partner at UK member firm UHY Hacker
Young. “For this reason they are the
currency of choice for illegal activities.
With this in mind, would any national
government really want to be engaged
in activity that supports drug dealing,
modern slavery and terrorism whilst at the
same time damaging the environment?”

That concern partly explains why El

Salvador is currently the first and only
country to make cryptocurrency legal
tender. Another reason, according
to Andrew, is that it remains
difficult to report - and therefore
tax - transactions that do not pass
through financial intermediaries.

“At a time when governments are

at last working together towards a
minimum corporate tax rate, it is no
surprise that crypto has not been
recognised as legal tender,” he says. iStock.com/primeimages
22 UHY GLOBAL January 2022
Andrew hints at another reason which
might dissuade national governments
from legitimising cryptocurrency.
Mining cryptocurrencies like bitcoin
requires massive computing power and
therefore consumes huge amounts
of energy, potentially damaging
efforts to reduce carbon emissions.
CRYPTOCURRENCY AND CREDIBILITY
But while there is no queue forming to
follow El Salvador’s lead, and indeed
the decision has caused unrest in the
country, very few governments have
outlawed cryptocurrency entirely.
At the same time, bitcoin especially
is gaining credibility as an investment
vehicle, despite its inherent volatility.
The first bitcoin electronic funds transfer
(EFT) recently made its debut on the
New York Stock Exchange, creating
a more conventional way to invest in
cryptocurrencies. Fintech companies
not directly linked to cryptocurrency
trading, like PayPal, Venmo, Square and
Robinhood, now offer the option to buy
and trade bitcoin within their apps.
There are also suggestions that
cryptocurrencies could soon gain more
real world applications. A few major
companies - Microsoft and Starbucks
are two - now accept bitcoin payments
(though in Starbucks’ case only through
their app). Considerable excitement
was recently generated by an Amazon
There are
hints that the
Government may
consider regulating
cryptocurrency
in the not too
distant future.
iStock.com/hocus-focus
There is no legal
definition of
cryptocurrency
in Ukraine and the
cryptomarket
is, in fact, a
shadow market.
job listing for a “digital currency and
blockchain product lead”. Experts say that
Amazon’s acceptance of cryptocurrencies
as payment could trigger a domino effect
that pushes bitcoin into the mainstream.
In other words, away from China
and a few other notable exceptions,
government efforts to contain the bitcoin
storm look to be in vain. Instead, there
are increasing calls for regulation, which
could make cryptocurrencies safer for
investors and less appealing to criminals.
In Vietnam, Thanh says that
cryptocurrency is at the crossroads. “In
the short run, it is still a great investment
channel. In the longer run, it depends
on how the Government shapes policy
around cryptocurrency. My view is that
if the Government further legalises
cryptocurrency, it will become mainstream.
There are hints that the Government
may consider regulating cryptocurrency
in the not too distant future.”
The same may be true of Ukraine, where
widespread adoption of cryptocurrency
FEATURE - CRYPTO AT THE CROSSROADS
may force the Government’s hand.
“There is no legal definition of
cryptocurrency in Ukraine and the
cryptomarket is, in fact, a shadow
market,” says Olha, but adds that
new regulations are in the pipeline.
“The law has not come into force
yet, but we expect that in the near
future the issue of cryptocurrency
recognition and cryptomarket
regulation will be guided by law.”
OBSTACLES TO OVERCOME
Despite this activity, it is too early to tell
if we are on the cusp of widespread
mainstream adoption of cryptocurrency.
There are still obstacles to overcome.
Despite bitcoin’s apparent popularity, the
Ukrainian central bank currently refuses
to recognise cryptocurrency as anything
other than a store of value. It cannot be
exchanged for property, goods, works or
services. The same is true elsewhere.
But regulation provides credibility and,
around the world, authorities have
started to recognise that they have a
duty of care towards cryptocurrency
investors. A recent US Government
report outlines legislation that would bring
more regulation to the cryptocurrency
market. US lawmakers have repeatedly
expressed concern over the lack of
regulation of bitcoin, ethereum and others.
If laws governing the use of cryptocurrency
are enacted, the only thing stopping
mainstream adoption - at least by the
investment community - may be bitcoin’s
own remarkable rise, and the suspicion
that creates. “History is full of examples of
bubbles – from tulips to trains to dotcom
startups – and crypto has all the same
hallmarks,” says Andrew. “Will they go
the same way? Only time will tell.” n
SERVING CLIENTS, SERVING COMMUNITIES
DAN’S CAPITAL TRIUMPH
Congratulations to Daniel Hutson,
partner at UHY Hacker Young’s London
office who joined 40,000 runners from
across the world to complete the London
Marathon in October 2021 (a further
40,000 competed virtually). Daniel, who
as well as running also enjoys football,
cricket and rugby, was competing
to raise money for the UK team’s
national charity, Children with Cancer
UK – he completed the run in four
hours and 29 minutes and has raised
over £4,500 for the charity in total.
“It was fantastic to complete the
marathon, it was an incredible day with
so many people lining the streets cheering
the runners on and being a part of it was
a humbling experience,” said Daniel.
“I’m so proud of the whole UHY Hacker
Young team for the fundraising so far for
Children with Cancer UK and it is such a
wonderful charity to be involved with.”
OVER THE EDGE
Going over the edge may not
be something most of us aspire
to but that is exactly what UHY
Consulting’s managing director Amy
Gallagher (pictured left) and account
executive Ashley LaGrow did in a
daredevil fundraiser for children
with critical illnesses in Atlanta,
Georgia – abseiling 22 storeys down
the city’s Intercontinental Hotel.
Amy and Ashley were among the first
fundraisers to raise USD 1,000 or more
to earn themselves a chance to go
Over The Edge for the Make-A-Wish
Georgia charity in August 2021. The
event, which raised USD 3,200 is one of
numerous fundraisers the team at UHY
Consulting – part of UHY Advisors, Inc.,
US - has taken part in since it teamed up
with Make-A-Wish and other charities.
“Covid has really affected children
with critical illnesses who have had
to take even more precautions than
usual, leading to greater isolation
during extremely fragile times,”
says Amy. “The UHY team joined
forces with Make-A-Wish Georgia
to help creatively solve how to safely
accomplish wishes for those children.
“This was a life changing experience
for me and Ashley. It is a really great
cause, and it is a fun way to give back
and support children, families and
communities in the Atlanta area.”  by their entrepreneurial spirit’.
UHY GLOBAL January 2022 23
HONOUR
FOR HELENA
The success of UHY HB EKONOM’s
CEO and managing partner Helena
Budiša is well known to her
member firm colleagues and many
professionals across the UHY network
so none will be surprised to see her
win one of the Croatia business
community’s biggest accolades.
Helena has been named Inspirational
Entrepreneur of the Year by Women
in Adria, an organisation that
‘inspires, informs and connects
business women in the region’. Their
finalists are ‘ambitious, successful
and dedicated women who have
been taken in different directions
Helena was nominated alongside
businesswomen in the fields of beauty
and health, tourism and service.
The award citation described Helena
as having ‘ruled the Dalmatian
metropolis for more than 20 years’.
It continues: ‘Over the course of
her decades-long career, she has
achieved as much as many can only
dream of. Her work is always focused
on business development and the
wellbeing of entrepreneurs.’
Helena says: “To win this award
is a great honour. I only need to
look at the calibre of my three
exceptional co-nominees to see
that. I am very fortunate to love
what I do and my aim is always to
achieve the very best for my clients
and the business community.”
24 UHY GLOBAL January 2022 PERSPECTIVES - SUN, SEA AND STASIS?

SUN, SEA AND STASIS?

DRIVEN BY TOURISM FOR DECADES, COVID WAS CALAMITOUS FOR THE
MEDITERRANEAN ECONOMY. A PANEL OF UHY EXPERTS DISCUSSES WHETHER
IT IS TIME FOR A CHANGE IN DIRECTION

iStock.com/Freeartist

It is hard to overstate the

importance of tourism
to the countries bordering
the Mediterranean Sea.
The 29 countries that
make up the region share
46,000km of often sandy
coastline and a climate that is
generally mild in winter and
warm for the rest of the year.
History has favoured the area, gracing
it with a wealth of architectural and
cultural gems. In addition, technological
development and happy accident
have placed it within easy reach
of millions of people for whom an
annual migration to ‘the Med’ has
become part of the summer routine.
The result is that, in normal times, a quarter
of global tourism receipts are generated
in the Mediterranean. But these are not
normal times. As the world’s premier
tourist destination before Covid-19, it is
likely to retain that title in the pandemic’s
aftermath. But visitors to Southern and
Mediterranean Europe nosedived from
304 to 88 million in 2020, and other
Mediterranean regions were hit harder still.
How will the area react to this calamity?
Waiting it out is one option, because
the tourists will return eventually. But
tourism is in Covid’s frontline, and a
fragile recovery in 2021 could be derailed
by new variants and new lockdowns
PERSPECTIVES - SUN, SEA AND STASIS?
Total tourist
receipts for the
first quarter of
2021 amounted to
one sixth of those
from the same
period in 2020.
in 2022, as well as a sluggish global
economy. Beyond Covid, the sector
faces longer term threats from both
climate change and its potential fixes,
including increased taxation on air travel.
With that in mind, Mediterranean
tourism appears to be a sector in flux. We
asked UHY member firms in the region
for their analysis of the situation, and
their expert opinions on what tourism-
dependent economies can do to meet
the challenges of the post-Covid world.
WAKE-UP CALL
The historic sites, sandy beaches and
idyllic islands of Greece welcomed over
31 million tourists in 2019, contributing
around a quarter of the country’s GDP.
But Covid has been a wake-up call.
Total tourist receipts for the first quarter
of 2021 amounted to one sixth of those
from the same period in 2020, says
Christos Antonopoulos, partner at UHY
Axon Certified Auditors S.A in Athens,
Greece. A short, sharp shock was to
be expected, but Christos worries that
tourism’s recovery in the region could be
slow, even if current indicators are positive.
“Given that the recovery from a recession
primarily related to the services sector is
usually slower than a recession mainly
affecting the goods sector, the continuation
of the situation could push the Greek
economy into stagnation,” he says.
The situation is mirrored across the region.
Cyprus attracted just under four million
tourists in 2018, a historic high. But
“the pandemic hit the tourism industry
very severely,” says Antonis Kassapis,
director of Cypriot member firm UHY
Antonis Kassapis Limited. “The economy
of Cyprus has for many years been
based on services, with tourism being
one of, if not the most important.”
GOVERNMENTS STEP IN
Unsurprisingly, governments across the
Mediterranean region were forced to
step in to protect an industry that will
be vital to post-pandemic growth.
In Morocco, as elsewhere, the government
prioritised tourist industry jobs. “A natural
selection led to technical unemployment
and layoffs, because so many establishments
remained closed in the tourist seasons
of 2020 and 2021,” says Najlaa Ben
Mokhtar, partner and audit manager at
UHY Ben Mokhtar & Co, Morocco.
“The government provided a
monthly allowance to workers in the
sector for almost a year, to ensure
companies could get back on their
feet when visitors return.”
Miriam López Jadraque is national
marketing manager at Spanish member
UHY GLOBAL January 2022 25
They say that
the pandemic
showed the
vulnerability of
economies overly
dependent on
traditional tourism.
firm UHY Fay & Co, which has one of
their offices based in the tourist hotspot
of Marbella. She says the industry is
pressing the government to extend
the ERTE, an extraordinary Covid-
related job protection scheme,
until at least Easter 2022.
Spain is the world’s second most popular
tourist destination, and the sector’s
importance to the national economy
is undeniable. Tourism’s contribution
to national GDP fell from 12.4% in
2019 to 5.5% in 2020, according
to the Spanish Tourist Board.
The Spanish National Statistics Institute
(INE) announced that during the first
half of 2021, 5.4m international
visitors travelled to Spain compared
to 10.8m before the pandemic.
The summer season has been positive
thanks to the vaccine rollout and a rise
in domestic tourism. “Nevertheless, the
occupancy figures for autumn are not
looking good and the sector is already
asking the government to articulate
measures in advance that allow employers
to make plans,” Miriam adds.
DOING IT DIFFERENTLY
So how should the region react to
such a unique circumstance?
There is confidence that tourists
will return, and the first truly
Covid-clear summer (at least in terms
of travel restrictions) may see record
numbers as sun-starved consumers
spend their lockdown savings.
26 UHY GLOBAL January 2022
Despite this, experts in the region are
arguing the need for change. They
say that the pandemic showed the
vulnerability of economies overly
dependent on traditional tourism. In
the near future, global warming – and
measures to keep it under control
– may impact international tourist
numbers more permanently. They
urge governments and businesses to
grasp the opportunity to diversify.
In Spain, diversification is starting with
the tourism industry itself. “Tourism
companies know they need to become
much more efficient in their operations by
paying more attention to productivity and
competitiveness. They need to become
more agile and able to react faster to
changes in demand,” says Miriam.
The digitisation of the industry has been
predicted for years. In 2020 tourism
businesses were forced to act, with
digitisation efforts in Spain advancing
more in that year than the previous five.
In Cyprus, too, there is recognition that
tourism cannot return to “business as
usual”, and that measures must be
put in place to create a more resilient
industry. “Diversification is needed not
iStock.com/ Imgorthand
New initiatives to encourage more domestic
and year-round, activity-based tourism
will help to create a more robust sector.
only from tourism to other industries, but
also within tourism,” says Antonis. “For
example, trying to attract tourists from
new markets, or trying to spread tourism
as much as possible over the whole year.”
Najlaa says that in Morocco the immediate
response to the pandemic was to try
and encourage more domestic tourism.
“Our clients in the tourism sector –
hotels, catering, event agencies - turned
to the local market to capture more
national customers,” she adds.
This has been partially successful, but
Moroccan tourism receipts are unlikely
to exceed USD 4 billion in 2021,
compared to USD 8.6 billion in 2019.
Greater efficiency and agility are
PERSPECTIVES - SUN, SEA AND STASIS?
clearly welcome. New initiatives to
encourage more domestic and year-
round, activity-based tourism will help
to create a more robust sector. But
is it enough? After the experience of
Covid, do countries in the region need
to think beyond the tourist dollar?
AN OVER-RELIANCE?
Of course, many already do. For all their
reliance on tourism, Spain, Greece and
Morocco are mixed modern economies
with strengths in a number of areas.
Despite its relatively small size, Cyprus
has well developed specialisms in
financial services and shipping.
But local non-Mediterranean comparisons
show how dependent the region is on
 iStock.com/Starcevic
its beaches, climate and ancient history.
Germany is the eighth most visited
country in the world, but in a normal year
tourism accounts for around 4.5% of the
country’s GDP, a third as much as Spain
and less than a fifth as much as Greece.
Is there an over-reliance on tourism?
Countries are bound to make the
most of their natural advantages,
whether that’s the sandy beaches of
Andalusia or the ancient wonders of
Athens and Marrakesh. But Covid has
emphasised the fragility of tourism as
the foundation of economic stability.
For that reason, Antonis says that
“diversification has been a very important
target for a long time in Cyprus, but it is
not so easy to do.” The country’s focus at
the moment is on strengthening its position
as an international and regional business
centre, as well as exploiting significant
quantities of offshore natural gas.
In Greece, Christos says that many
tourist businesses are modifying their
offer to attract a new breed of digital
nomads - freelancers who can work from
anywhere with an internet connection.
Thanks to Covid, there are more of them
than ever. But Greece has been badly
hit by tourism downturns before, and
Christos believes that for the country’s
long term economic prosperity, Covid
may be ‘a blessing in disguise’.
“The government’s goal over the next six
years is to retain tourism as a significant
part of Greece’s economic activity, but
also expand the country’s production
base, boost manufacturing activity
and incorporate new technologies in
agricultural production,” he adds.
Christos thinks the country is facing
a one-off opportunity to diversify its
economy on the basis of new green
and digital industries, and that the
pandemic has created the conditions
for lasting change. He believes
Greece will become a more attractive
destination for conducting business,
other than tourism, post-pandemic.
In Morocco, too, the pandemic has been
seen as an opportunity to widen the
economic mix. In October, the country
officially launched Morocco Now, an
initiative designed to position Morocco
as a world-class industrial and export
platform and to maximise foreign
investments. “This is a new economic
and territorial signature of the ambitions
of the Kingdom of Morocco in terms of
international investments,” says Najlaa.
Morocco is already the second
most attractive economy for
investment in Africa, with well
regarded specialisms in automotive,
aeronautical and textile manufacturing
alongside outsourcing services.
And that enthusiasm to embrace change
Total tourist
receipts for the
first quarter of
2021 amounted to
one sixth of those
from the same
period in 2020.
is evident throughout the region, where
the cataclysm of Covid has been met with
a new focus on efficiency and economic
diversity. Tourists will eventually flood
back, to be met by a leaner, more creative
sector in which traditional seasonal beach
holidays are just one part of a wider offer.
In addition, national and regional
governments appear to have recognised
the need to widen the area’s economic
mix. The strength of their support over
the next few years will be crucial in
determining how the Mediterranean
region rebounds from the next crisis,
whether that arrives in the form of a
financial crash, an extreme weather
event or a global pandemic. n
28 UHY GLOBAL January 2022
iStock.com/PeopleImages
PEOPLE FIRST
In this Cogs and Wheels feature, we look behind the
scenes at how the UHY international network’s values
and focus on people – staff and clients alike – has helped
to create a successful and resilient service culture.
Much has been written about wellbeing
and resilience throughout the pandemic,
but it is an unassailable truth that it
has been the care, friendship, support,
determination and selflessness of
people in communities and businesses
that helped us weather the storm.
Covid constraints continue to affect
countries around the world in 2022,
so to the list of attributes we must add
fortitude, perseverance and optimism.
The other side of the equation is the
more mechanical side of things: adapting
policies and processes, adopting new
technology for delivering work and
staying in touch, taking more risks, being
more innovative, finding ways for our
businesses to survive and even thrive,
seemingly against the odds. But all of these
activities come down to the same thing –
people. Without considerate, determined,
skilled and engaged employees and
citizens, life would be a lot worse.
CULTURE
UHY is an international network of
independent member firms which range
in size from a few staff to many. Between
them, they employ over 8,500 people
worldwide. This year also marks the
35th anniversary of UHY’s beginnings
in the US and the UK, a transatlantic
partnership that has grown to become
a global service provider in over 100
countries today. The culture envisioned
by UHY’s founding firms back then,
and the values they brought, have been
embraced across the network and the
decades. Have fun, work hard and work
together, think outside the box and put
people first – your clients and colleagues.
The result is a global, collaborative culture
that has given the network and its member
firms a way of working built around
people. For our clients, that means building
long term relationships and helping them
achieve their goals through results and
trusted advice. Partners from UHY member
firms around the world know each other
well, professionally and personally, so they
are able to provide consistent and seamless
service to clients with international needs.
At a local level, firms also follow their own
set of values, reflecting the commercial
and social cultures they work in and
their own heritage – many UHY member
firms have been looking after clients and
communities for a lot longer than 35 years,
while others were founded more recently.
But they share the same international
outlook and collaborative approach
that the UHY network represents.
CONNECTION
During the early months of the pandemic,
UHY International board members
made it their mission to contact
member firms individually or in groups
via videocall, to listen, understand
COGS AND WHEELS
and encourage, so firms could share
experiences, impacts and ideas.
A Covid-19 information channel was
set up on the network’s intranet, and
UHY’s schedule of annual regional
meetings – an invaluable platform for
inter-firm networking and knowledge
sharing – went ahead as interactive
online meetings, as did the annual global
meeting with everyone involved. The
programme of training and development
webinars available for 8,500 professional
staff was adapted to home working.
The sense of connection flourished.
Member firms aimed to be as proactive
as ever. Clients were contacted with
reassurance and practical support,
while firms switched rapidly to online
communication and remote working. Many
were able to help their clients establish
different ways of working. Together
they accelerated digitalisation plans and
upskilled quickly to maintain business
continuity. Remote teams learned how
to work together online; leaders learned
new ways to motivate and support from
a distance. Neither client nor employee
would be left to fend for themselves.
UHY member firms were already proud
that their culture, values and work have
often been persuasive factors in the clients’
choice versus firms of other less joined
up or less personally driven networks.
During Covid, that same culture has
proved also to be a rock and has helped to
shape the resilience and success of many
UHY member firms and their clients.
It is no surprise then, that in a rapidly
changing world, UHY’s ‘people
first’ is one thing that is not going
to change anytime soon. n
THE NETWORK FOR DOING BUSINESS - DIRECTORY UHY GLOBAL January 2022 29

GLOBAL MEMBERS DIRECTORY

We are a Top 20 global accountancy BELARUS CYPRUS
network* and our success is built on UHY BusinessCollegia LLC, Minsk UHY Antonis Kassapis Limited, Nicosia
Contact: Denis Kastsian Contact: Antonis Kassapis
attentive, personal service. You will find UHY
Email: audit@collegia.by Email: uhy@uhy.com.cy
member firms ready to advise you in more Website: www.uhy-bc.by Website: www.uhy.com.cy
than 100 countries, covering nearly 330
major business centres. We have over 8,500 BELGIUM
CZECH REPUBLIC
professionals delivering world class solutions UHY-CDP Partners, Brussels
AUDITOR, spol. s r.o., Prague
across all types of industry. And our Contact: Chantal Bollen
Email: c.bollen@cdp-partners.be Contact: Georg Stöger
connectedness means we can find solutions Email: georg.stoeger@auditor.eu
Website: www.cdp-partners.be
for you and your business, by calling on the Website: www.auditor.eu
Also in: Liège
vast experience of UHY colleagues Also in: Brno, Pelhrimov
worldwide. Our UHY Global member firm BOLIVIA
directory pages will show you where we are. Berthin Amengual Y Asociados Srl, La Paz DENMARK
Contact: Wilton Aleman inforevision, Copenhagen
*International Accounting Bulletin World Survey 2021.
Email: berthinlp@berthinamengual.com Contact: Vibeke Düring Reyes Jensen
UHY International ranks 18th largest accountancy
network by fee income. Website: www.berthinamengual.com Email: vd@inforevision.dk
Also in: Santa Cruz Website: www.inforevision.dk
AFGHANISTAN
UHY Shafiq Umar Daraz & Co Chartered BOSNIA AND HERZEGOVINA
Accountants, Kabul DOMINICAN REPUBLIC
Revident d.o.o., Mostar
Contact: Muhammad Shafiq UHY Calderon Gonzalez & Asociados,
Contact: Matko Knezevic
Email: mshafiq@uhy-af.com Email: matko.knezevic@uhy-ba.com Santo Domingo
Website: www.uhy-af.com Website: www.uhy-ba.com Contact: Arabellis Calderón González
Also in: Grude, Sarajevo Email: arabellis.calderon@uhy.com.do
ALBANIA Website: www.uhy.com.do
UHY Elite sh.p.k, Tirana
BRAZIL
Contact: Artan Xhiani
UHY Bendoraytes & Cia – Auditores Independentes*, ECUADOR
Email: info@uhy-elite.com
São Paulo UHY Assurance & Services Cia. Ltda., Quito
Website: www.uhy-elite.com
Contact: Franklin Bendoraytes Contact: Freddy Cevallos Bustamante
ANGOLA Email: franklin.bendoraytes@uhy-br.com Email: f.cevallos@uhyecuador.ec
UHY A Paredes e Associados-Angola Website: www.bendoraytes.com Website: www.uhyecuador.ec
Auditores e Consultores, S.A., Luanda Also in: Londrina, Rio de Janeiro
Contact: Armando Paredes EGYPT
Email: aparedes@uhyangola.com CANADA
UHY Victor LLP, Montreal UHY United For Auditing, Tax, Advisory
Website: www.uhyangola.com
Contact: Ken Shemie & Financial Services, Cairo
ARGENTINA Email: kshemie@uhyvictor.com Contact: Ahmed Hegazy
UHY Macho & Asociados,* Buenos Aires Website: www.uhyvictor.com Email: info@uhy-united.com
Contact: Roberto Macho Website: www.uhy-egypt.com
Email: rmacho@uhy-macho.com UHY Forbes Andersen LLP, Toronto
Website: www.uhy-macho.com Contact: Paul Andersen UHY Waled Mounir and Muhammad
Email: paul@fa.ca Arafa, Alexandria
AUSTRALIA Website: www.forbesandersen.com Contact: Waled Mounir
UHY Haines Norton Also in: Milton
Contact: Michael Coughtrey Email: info@uhy-eg-alex.com
Email: mcoughtrey@uhyhnsyd.com.au Website: www.uhy-egypt.com
CHILE
Website: www.uhyhn.com
UHY Guiñazú & Asociados SpA.,* Santiago
Offices in: Adelaide, Brisbane*, Busselton, Dunsborough, EL SALVADOR
Contact: Ximena Guiñazú.
Gladstone, Melbourne, Perth, Sydney* UHY Asesores Y Consultores, S.A De CV., San Salvador
Email: xguinazu@uhy-cl.com
Website: www.guinazuasociados.cl Contact: Bryan Pérez
AUSTRIA
Email: bperez@uhy-sv.com
UHY-Tax Wirtschaftstreuhand GmbH, Linz
CHINA Website: www.uhy-sv.com
Contact: Stephan Schlager
Email: office@uhy.at ZhongHua Certified Public Accountants LLP,* Shanghai
Website: www.uhy.at Contact: Liqian Sun FRANCE
Also in: Horn, Salzburg, Vienna, Villach Email: info@zhonghuacpa.com UHY GVA,* Paris
Website: www.zhonghuacpa.com Contact: Emmanuel Gayte
AZERBAIJAN Also in: Anhui, Beijing, Guangdong, Hangzhou, Henan, Email: emmanuel.gayte@uhygva.com
UHY Audit LLC, Baku Jiangsu, Shenzhen, Sichuan, Yunnan Website: www.uhygva.com
Contact: Hashim Aliyev
Also in: Lille, Lyon, Marseille, Montpellier, Saint-Denis De La
Email: office@uhy-az.com COLOMBIA
Website: www.uhy-az.com Réunion, Toulouse
UHY Consultores S.A.S.
Contact: Diego Charry
BAHAMAS Email: diego.charry@uhy-co.com GEORGIA
UHY Bain & Associates, Nassau UHY LLC, Tbilisi
Contact: Dr. John S. Bain COSTA RICA Contact: Guka Ubiria
Email: john@uhy-bs.com UHY Auditores y Consultores, S.A., San José Email: gubiria@uhy-ge.com
Website: www.uhy-bs.com Contact: Omar Pérez Rosales Website: www.uhy.ge
Email: operez@uhy-cr.com
BAHRAIN
Website: www.uhy-cr.com GERMANY
UHY El Sayed El Ayouty & Co,
Certified Public Accountants, Bahrain UHY Deutschland AG*
CROATIA Contact: Dr Ulla Peters
Contact: Mohamed Alshayeb
Email: info@uhy-elayouty.com UHY HB EKONOM d.o.o., Split
Email: berlin@uhy-berlin.de
Website: www.uhy-elayouty.com Contact: Helena Budisa
Website: www.uhy-deutschland.de
Email: split@uhy.hr
BANGLADESH Website: www.uhyincroatia.com
Clostermann & Jasper Partnerschaft mbB, Bremen
UHY Syful Shamsul Alam & Co, Dhaka
UHY RUDAN d.o.o., Zagreb Contact: Tobias Stuber
Contact: Syful Islam
Email: syful@ssacbd.com Contact: Vedrana Miletić Email: info@clostermann-jasper.de
Website: www.ssacbd.com Email: info@uhy.rudan.hr Website: www.clostermann-jasper.de
Also in: Chittagong Website: www.uhyincroatia.com Also in: Hamburg
30 UHY GLOBAL January 2022 THE NETWORK FOR DOING BUSINESS - DIRECTORY

Dr. Langenmayr GmbH IRAN, ISLAMIC REPUBLIC OF MALAYSIA

Wirtschaftsprüfungsgesellschaft, Munich Hadi Hesab Tehran, Tehran UHY,* Kuala Lumpur
Contact: Johannes Bitzer Contact: Hamid Reza Keyhani Contact: Alvin Tee Guan Pian
Email: munich@uhy-deutschland.de Email: keyhani@hadihesab.com Email: uhy-kl@uhy-my.com
Website: www.dr-langenmayr.de Website: www.uhy-ir.com Website: www.uhy.com.my
Also in: Johor Bahru, Penang
Dr. Leyh, Dr. Kossow & Dr. Ott KG, Cologne IRELAND
Contact: Thomas Wahlen UHY Farrelly Dawe White Limited, Dundalk MALTA
Email: koeln@lko.de Contact: Alan Farrelly UHY Pace, Galea Musù & Co, Lija
Website: www.lko.de Email: alanfarrelly@fdw.ie Contact: David Pace
Website: www.fdw.ie Email: djpace@uhymalta.com
UHY Lauer & Dr. Peters KG*, Berlin Also in: Balbriggan, Dublin, Newry Website: www.uhymalta.com
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de ISLE OF MAN MAURITIUS
Website: www.uhy-berlin.de UHY Crossleys LLC, Ballasalla UHY & Co., Moka
Also in: Rostock Contact: Andrew Pennington Contact: Dominique Samouilhan
Email: apennington@crossleys.com Email: dsamouilhan@uhy.co.mu
UHY Wahlen & Mannsky, Frankfurt Website: www.crossleys.com Website: www.uhy.co.mu
Contact: Stephanie Mannsky
Email: stephanie.mannsky@uhy-ffm.com ISRAEL MEXICO
Website: www.uhy-wahlen.de UHY Shtainmetz Aminoach & Co.,* Tel Aviv UHY Glassman Esquivel y Cía S.C.,* Mexico City
Contact: Kobi Shtainmetz Contact: Oscar Gutiérrez Esquivel
GHANA Email: k@cpa.co.il Email: oge@uhy-mx.com
UHY Voscon Chartered Accountants, Accra Website: www.cpa.co.il Website: www.uhy-mx.com
Contact: Henry Djangmah Also in: Monterrey, Querétaro, Villahermosa
Email: info@uhyvoscon-gh.com ITALY
Website: www.uhyvoscon-gh.com UHY Audinet Srl, Rome MOROCCO
Contact: Andrea D’Amico UHY Ben Mokhtar & Co, Tangier
UHY Godwinson (Chartered Accountants), Accra Email: a.damico@uhyaudinet.com Contact: Mohamed Ben Mokhtar
Contact: Godwin Azasu Website: www.uhyaudinet.com Email: contact@uhy-benmokhtar.ma
Email: info@uhygodwinson-gh.com Also in: Florence, Padua Website: www.uhy-benmokhtar.ma
Website: www.uhygodwinson-gh.com
MOZAMBIQUE
UHY Associati S.t.p.r.l. (Accounting, Payroll & Tax), Milan
GREECE UHY Auditores e Contabilistas Certificados,
Contact: Sabino Dente
UHY Axon Certified Auditors S.A., Athens Limitada, Maputo
Email: s.dente@uhyassociati.com
Contact: Chris Antonopoulos Contact: Carlos Sitoe
Website: www.uhyassociati.com
Email: info@axonaudit.gr Email: director.geral@uhy-mz.com
Website: www.axonaudit.gr Website: www.uhy-mz.com
FiderConsult Srl (Tax & Accounting), Florence
Also in: Crete Contact: Simone Biagiotti
NEPAL
Email: s.biagiotti@uhyitaly.com
GUATEMALA UHY Suvod Associates Chartered Accountants,
Website: www.uhyitaly.com
Kathmandu
UHY Pérez & Co,* Guatemala City Also in: Milan, Rome
Contact: Akash Suman
Contact: Omar Pérez Rosales
Email: akash@suvodassociates.com.np
Email: operez@uhy-perez.com JAPAN Website: www.suvodassociates.com.np
Website: www.uhy-perez.com UHY Tokyo & Co., Tokyo Also in: Itahari
Contact: Nobuyuki Hara
HONDURAS Email: info@uhy-tokyo.or.jp NETHERLANDS
UHY Auditores y Consultores, S.A., Tegucigalpa Website: www.uhy-tokyo.or.jp Govers Accountants/Consultants,* Eindhoven
Contact: Omar Pérez Rosales Also in: Kyoto, Nagoya Contact: Paul Mencke
Email: operez@uhy-hn.com
Email: mencke@govers.nl
Website: www.uhy-hn.com JORDAN Website: www.govers.nl
UHY Arab Auditors, Amman
HONG KONG Contact: Nabil Haddad NEW ZEALAND
Tai Kong CPA Limited,* Hong Kong Email: nih@arabauditors.jo UHY Haines Norton (Auckland) Ltd,* Auckland
Contact: Robert Kong Website: www.arabauditors.jo Contact: Grant Brownlee
Email: robertkong@tkcpa.com.hk
Email: grantb@uhyhn.co.nz
Website: www.tkcpa.com.hk KAZAKHSTAN Website: www.uhyhn.co.nz
UHY SAPA-Consulting LLP, Almaty Also in: Helensville, Kumeu
UHY-Advisory and Secretarial Knowledge Limited Contact: Torebek Kurmanov
Contact: Allan Kong Email: office@uhy-kz.com NICARAGUA
Email: allankong@uhy-ask.com Website: www.uhy-kz.com UHY Auditores y Consultores S.A, Managua
Website: www.uhy-ask.com Also in: Aktobe, Astana, Atyrau, Shymkent, Ural’sk Contact: Bryan Pérez
Email: bperez@uhy-ni.com
UHY Prime HK CPA Limited,* Hong Kong KENYA Website: www.uhy-ni.com
Contact: Michael Tsang UHY Kenya, Nairobi
Email: michaeltsang@uhy-hk.com Contact: Daniel Kabiru NIGERIA
Website: www.uhy-hk.com Email: dkabiru@uhy-ke.com UHY Maaji & Co, Lagos
Website: www.uhy-ke.com Contact: Gabriel Idahosa
HUNGARY Email: info@uhy-ng-maaji.com
Bergmann Accounting & Auditing, Budapest KOREA, REPUBLIC OF Website: www.uhy-ng-maaji.com
Contact: László Hegedus UHY Daeyoung Accounting Corp., Seoul Also in: Abuja, Benin City, Ebutte Metta, Ejigbo, Garki, Kaduna,
Email: laszlo.hegedus@bergmann.hu Contact: Sam Shin Kano, Lokoja, Maiduguri, Owerri, Port Harcourt, Wuse, Yola
Website: www.bergmann.hu Email: skshin@daeyoungcpa.com
Also in: Szeged Website: www.daeyoungcpa.co.kr NORWAY
Also in: Incheon Revisorgruppen AS, Oslo
INDIA Contact: Kirsti Armann
Chandabhoy & Jassoobhoy, Mumbai KUWAIT Email: post@rg.no
Contact: Sunil Hansraj UHY Pillars Advisory, Kuwait City Website: www.rg.no
Email: sunil@cnj.in Contact: Wael Arafa Also in: Akershus, Åndalsnes, Arendal, Bergen, Drammen,
Website: www.cnj.in Email: wael@uhypillars.com Førde, Kristiansand, Kvam/Norheimsund, Sarpsborg
Website: www.uhypillars.com
Lodha & Co,* Kolkata PAKISTAN
Contact: R.P. Singh LEBANON UHY Hassan Naeem & Co, Lahore
Email: rpsingh@lodhaco.com UHY Andy Bryan, Beirut Contact: Ibne Hassan
Website: www.lodhaco.com Contact: Elie Abboud Email: ibnehassan@uhy-hnco.com
Also in: Chennai, Hyderabad, Jaipur, Mumbai, New Delhi Email: beirut@uhy-lb.com Website: www.uhy-hnco.com
Website: www.uhy-lb.com Also in: Islamabad, Karachi
INDONESIA
KAP Hananta Budianto & Rekan, Jakarta LUXEMBOURG PANAMA
Contact: Venancia Wijono UHY Finova S.àr.l., Luxembourg UHY Botello & Marquez, Panama City
Email: venancia@hananta.com Contact: Jürgen Fischer Contact: Diógenes Botello V.
Website: www.hananta.com Email: j.fischer@finova.lu Email: dbotello@uhy-pa.com
Also in: Semarang, Surabaya Website: www.uhyfinova.lu Website: www.uhy-pa.com
THE NETWORK FOR DOING BUSINESS - DIRECTORY UHY GLOBAL January 2022 31

PARAGUAY SLOVAK REPUBLIC UKRAINE

UHY Consultoria Integral Del Mercosur, Coronel Oviedo AUDITOR SK s.r.o., Bratislava UHY Prostor Ltd, Kiev
Contact: Miguel Vera Contact: Georg Stöger Contact: Alexander Koinov
Email: cime@cime.com.py Email: georg.stoeger@auditor.eu Email: a.koinov@uhy-prostor.com
Website: www.cime.com.py Website: www.auditor.eu Website: www.uhy-prostor.com
Also in: Asunción, Ciudad del Este
SLOVENIA
PERU UNITED ARAB EMIRATES
UHY d.o.o., Ljubljana
UHY Blancas Sandoval & Asociados, SAC,* Lima UHY James Chartered Accountants, Dubai
Contact: Franci Žgajnar
Contact: Carlos Hugo Sandoval Zapata Contact: James Mathew
Email: uhy@uhy.si
Email: carlos.sandoval@uhy-bsa.com Email: james.mathew@uhy-ae.com
Website: www.uhy-bsa.com Website: www.uhy.si
Website: www.uhy-ae.com
Also in: Miraflores (Lima), San Borja (Lima), Surco (Lima)
SOUTH AFRICA Also in: Fujairah, Sharjah
PHILIPPINES UHY Hellmann (SA), Johannesburg
UHY M.L. Aguirre & Co. CPAs,* Makati City Contact: Carlos Pedregal UNITED KINGDOM
Contact: Michael Aguirre Email: carlosp@uhy.co.za UHY Hacker Young,* London
Email: ask@mlaguirre.org Website: www.uhy.co.za Contact: Subarna Banerjee
Website: www.mlaguirre.org Email: london@uhy-uk.com
SPAIN Website: www.uhy-uk.com
POLAND UHY Fay & Co,* Marbella
Also in: Abergavenny, Abingdon, Ashford, Belfast,
UHY ECA Group, Kraków Contact: Bernard Fay
Contact: Roman Seredynski
’ Birmingham*, Brighton & Hove, Bristol, Broadstairs,
Email: bfay@uhy-fay.com
Email: roman.seredynski@uhy-pl.com Cambridge, Chester, Hungerford, Huntingdon, Letchworth,
Website: www.uhy-fay.com
Website: www.uhy-pl.com Also in: Barcelona, Madrid*, Malaga, Santa Cruz Tenerife, Manchester*, Newbury, Newport, Nottingham, Sheffield,
Also in: Poznan,
’
Warsaw, Wroclaw, Zabrze Sittingbourne, Swindon, Winchester, York
Santander, Santiago de Compostela
PORTUGAL
SRI LANKA UNITED STATES
UHY & Associados SROC Lda, Lisbon
UHY Centra Management Associates, Colombo UHY Advisors, Inc., Farmington Hills, Michigan
Contact: António Oliveira
Email: geral.lisboa@uhy-portugal.pt Contact: Ismath Abdul Sathar Mohamed UHY LLP,* New York
Website: www.uhy-portugal.pt Email: asmismath@uhycentra.com Contact: Michael Mahoney
Also in: Azores, Funchal, Porto Website: www.uhycentra.com Email: mmahoney@uhy-us.com
Also in: Kandy Website: www.uhy-us.com
PUERTO RICO Also in: Albany (New York), Ann Arbor (Michigan), Atlanta
UHY Del Valle & Nieves PSC,* San Juan SWEDEN
(Georgia), Catskill (New York), Columbia (Maryland), Detroit
Contact: Rafael Del Valle-Vega Revisorerna Syd, Malmö
(Michigan), Farmington (Connecticut), Farmington Hills
Email: info@uhy-pr.com Contact: Mattias Nilsson
Website: www.uhy-pr.com (Michigan), Houston (Texas), Hudson (New York), Kansas
Email: info@revisorernasyd.se
Website: www.revisorernasyd.se City (Missouri), Kingston (New York), Long Island (New
QATAR York), Miami (Florida), New York City (New York), Orange
UHY Ammo & Co, Doha Winthers Revisionsbyrå AB, Stockholm County (California), Port Huron (Michigan), Rye Brook (New
Contact: Moomen Elsalawy Contact: Ragnar Santesson York), Saratoga Springs (New York), St Louis (Missouri),
Email: inquiry@uhy-qa.com
Email: info@winthers.se Sterling Heights (Michigan), Woodland Hills (California).
Website: www.uhy-qa.com
Website: www.winthers.se UHY LLP is a licensed independent CPA firm that performs
ROMANIA attest services through an alternative practice structure with
UHY Audit CD S.r.l., Bucharest SWITZERLAND UHY Advisors, Inc. and its subsidiary entities. UHY Advisors,
Contact: Camelia Dobre Balmer-Etienne AG, Luzern Inc. provides tax and business consulting services through
Email: camelia.dobre@uhy-ro.com Contact: Stefan Wigger wholly owned subsidiary entities that operate under the
Website: www.uhy-ro.com Email: info@balmer-etienne.ch
name of “UHY Advisors”.
Website: www.balmer-etienne.ch
RUSSIAN FEDERATION Also in: Stans, Zürich
URUGUAY
UHY Yans-Audit LLC,* Moscow
Contact: Nikolay Litvinov TAIWAN UHY Gubba & Asociados,* Montevideo
Email: yans@uhy-yans.ru UHY L&C Company, CPAs, Taipei Contact: Hugo Gubba
Website: www.uhy-yans.ru Contact: Lawrence Lin Email: info@uhygubba.uy
Email: lawrencelin@uhy-taiwan.com.tw Website: www.uhygubba.uy
SAINT LUCIA Website: www.uhy-taiwan.com.tw
UHY A.P. Walcott and Associates, Castries
UZBEKISTAN
Contact: Anthony Walcott
THAILAND UHY Tashkent LLC, Tashkent
Email: awalcott@uhy-lc.com
UHY Yongyuth Accounting Contact: Sarvarkhon Karimov
Website: www.uhy-lc.com
and Son Co., Ltd., Bangkok Email: s.karimov@uhy-uz.com
SAUDI ARABIA Contact: Panit Mokarakorn Website: www.uhy-uz.com
UHY Abdul Jabbar Certified Accountants Email: panityas@uhy-th.com
Also in: Khorezm, Navoi
and Consultants Office, Jeddah Website: www.uhy-th.com
Contact: Elsayed Elboussery
VENEZUELA
Email: elboussery@uhy-sa.com TUNISIA
UHY CNBA, Tunis UHY Servicios Legales & Tributarios, S.C., Caracas
Website: www.uhy-sa.com
Also in: Riyadh Contact: Raoudha Ben Abdelkrim Contact: Luis Sotillo
Email: r.trojet@uhy-cnba.com Email: l.sotillo@uhy-ve.com
SERBIA Website: www.uhy-cnba.com Website: www.uhy-ve.com
UHY REVIZIJA d.o.o., Belgrade Also in: Puerto Ordaz, Valencia*
Contact: Jasmina Macura TURKEY
Email: ekirevizija@uhy-ekirevizija.rs UHY UZMAN Sworn in CPA and VIETNAM
Website: www.uhy-ekirevizija.rs Independent Auditing Inc., Istanbul UHY Auditing & Consulting Co. Ltd., Hanoi
Contact: Şenol Çudin Contact: Thanh Nguyen
SEYCHELLES
Email: uzman@uhy-uzman.com.tr Email: thanhnt@uhyvietnam.com.vn
UHY Premier Financial Services Limited, Mahé
Website: www.uhy-uzman.com.tr
Contact: Vimal Damry Website: www.uhy.vn
Also in: Ankara, Istanbul, Izmir
Email: vimal@premier-seychelles.com Also in: Ho Chi Minh City
Website: www.premier-seychelles.com
UGANDA
UHY Thakkar & Associates, Certified Public ZAMBIA
SINGAPORE
Accountants, Kampala UHY AMO Certified Public Accountants, Lusaka
UHY Lee Seng Chan & Co,* Singapore
Contact: Sen Choon Lee Contact: Sam Thakkar Contact: Dion Banda Dault
Email: info@uhylsc.com.sg Email: sam@uhy-ug.com Email: d.banda@uhy-amocpa.com
Website: www.uhylsc.com.sg Website: www.uhy-ug.com Website: www.uhy-amocpa.com

* UHY firms asterisked signifies that they are registered with the Public Company Accounting Oversight Board (PCAOB). They are enabled under section 102 of the US Sarbanes-Oxley Act 2002 to
prepare or issue audit reports on US public companies and their subsidiaries abroad. Under section 103 of the Act, the PCAOB has established auditing and related attestation quality control, ethics
and independence standards, and rules to be used by registered public accounting firms, in the preparation and issuance of audit reports.
LET US HELP YOU ACHIEVE
FURTHER BUSINESS SUCCESS
To find out how UHY can assist your
business, contact any of our member
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for all of our offices, or email us at
info@uhy.com for further information.

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accounting and consultancy firms whose administrative
entity is Urbach Hacker Young International Limited,
a UK company. UHY is the brand name for the UHY
international network. Services to clients are provided
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International Limited. Neither Urbach Hacker Young
International Limited, the UHY network, nor any
member of UHY has any liability for services provided
by other members. © 2022 UHY International Ltd.
The editorial opinions expressed in the magazine may
not necessarily be those of UHY International Ltd
or its member firms. Every effort is made to ensure
accuracy but the publishers cannot be held responsible
for errors or omissions. No part of this magazine may
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